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China Property Policies(0)China should stabilize market expectations by keeping its policies consistent, strengthen property curbs in some cities and increase housing supply during the second half of this year, Wang Yulin, a researcher at the Ministry of Housing and Urban-Rural Development, was cited by the newspaper as saying.
China introduced tougher measures this year, including higher mortgage rates, lending curbs, and bans on third homes in an effort to rein in the country’s robust property market.
The Shanghai Securities News reported in a separate article on Monday that government real estate curbs have strained developers’ cash flow, forcing some smaller firms to sell stakes for liquidity.
Source : Konaxis
Property Prices Slow in June(0)Housing prices in 70 major cities rose 11.4 percent year-on-year in June, the National Bureau of Statistics said on its website, down from the 12.4 percent rise seen in the previous month.
The figure hit 12.8 percent in April, the biggest on-year rise for a single month since July 2005, when the survey was widened to 70 cities from 35.
The prices in June fell by 0.1 percent from May, official data showed, the first month-on-month decline since March last year, according to experts.
Chinese media reports have said a property tax could be imposed on a trial basis in Beijing, Shanghai, the southwestern mega-city of Chongqing and the southern city of Shenzhen.
Qin Hong, a senior researcher at the housing ministry, said China would impose the tax “at an appropriate time” as a “long-term measure” to regulate the sector, the official Securities Times reported Monday.
China currently has no such levy on residential property but does impose a 1.2 percent tax on 70-90 percent of the value of commercial real estate.
Source : Konaxis
China Property Prices Rise(0)The 12.4 percent gain compared with a record 12.8 percent increase in April from a year earlier, the National Bureau of Statistics said in a statement on its website. The data series, covering 70 cities, began in 2005. The value of sales slid 25 percent.
Officials may introduce a trial property tax after already tightening sales rules for developers, raising some down payment requirements and restricting loans for multiple-home buyers, according to state media.
Last month marked the first slowing in the annual rate of property price gains. On a monthly basis, values advanced 0.2 percent.
Sales in Beijing, Shanghai and Shenzhen, the nation?s wealthiest cities, fell as much as 70 percent in May from the previous month and land sales for residential development projects in 70 Chinese cities fell 14 percent, the official Shanghai Securities News reported earlier this month.
Besides industry-specific measures such as requirements for larger down-payments for some homes, the government on May 2 raised banks? reserve requirements for the third time this year to contain overheating risks after first-quarter economy expanded at the fastest pace in almost 3 years.
Source : Konaxis
China number 1 property investment(0)Real estate investment in China more than doubled to $156.2 billion last year, while the total for the U.S. slumped 64 percent to $38.3 billion, the New York-based broker said in a report Wednesday. Excluding residential investments, the U.S. came third after China and the U.K.
?China will continue to see vibrant investment activity, despite recent government measures to cool down the property markets,? Donald Han, Cushman & Wakefield?s managing director for Asia-Pacific capital markets, said in the report.
Eight of the world?s 20 largest property markets last year were located in the Asia Pacific region, with Hong Kong, Taiwan and New Zealand registering gains in investment, according to the report. Cushman & Wakefield is the world?s largest closely held commercial real estate adviser.
Source : Konaxis
Property market stimulus policy(0)The government in January had reduced the period to two years to encourage home sales, reported Dow Jones.
Property prices in 70 of China’s large and medium-sized cities rose 5.7% in November from a year earlier, accelerating from October’s 3.9% rise, National Bureau of Statistics data showed Thursday. The increase was the sixth in a row and was the biggest since July 2008′s 7% rise. Prices in November rose 1.2% from October, accelerating from October’s sequential rise of 0.7%, the bureau said.
Investment in real-estate development, one of the main forms of private investment in China, rose 17.8% to 3.13 trillion yuan ($458.5 billion) in the January-November period from a year earlier, up from a revised 16.6% in the January-October period, the statistics bureau also said.
Newly started real-estate construction surged 15.8% in the January-November period to 976 million square meters from the year-earlier period, up from just a 3.3% rise in the January-October period.
Nationwide property sales between January and November, including those in smaller cities, totaled 752 million square meters, up 53% from the year-earlier period, the bureau said.
Source : Konaxis
Favorable measures in property sector(0)The Newspaper quoted an unnamed source close to the Ministry of Housing and Urban-Rural Development (MHURD) said, “Those policies were effective for one year. The MHURD will not propose to extend them.”
Late last October, Beijing rolled out a series of favorable measures to boost the falling property sector amid the global economic downturn.
These measures, which took effect on Nov. 1 last year, included cutting the mortgage rates by as much as 30 percent, lowering the stamp tax on house purchases from 3-5 percent to 1 percent for first-time home buyers acquiring an apartment of less than 90 square meters, and reducing the down payment requirement to 20 percent from 30 percent.
These measures, implemented by the Ministry of Finance, the central bank and the State Administration of Taxation, had been largely proposed by the MHURD, the newspaper quoted the source as saying.
Thanks to these policies and rising demand, China’s property market has seen price and sale hikes after February this year.
Source : Konaxis
China’s property climate index up(0)It is the third consecutive month the index has seen month-on-month growth, suggesting a rebound in the sector. The index had been falling since it peaked at 106.59 in November 2007.
Real estate investment nationwide rose by 9.9 percent in the first half from the same period last year, and the growth rate was 3.1 percentage points higher than the January-May level, said NBS.
Commercial home sales rose 31.7 percent by acreage year on year in the first six months, 6.2 percentage points higher than the January-May level.
Home prices in 70 major Chinese cities rose 0.8 percent in June from May, up for the fourth straight month, according to NBS.
Source : Konaxis
Property sales up 57.1% in june in China(0)There was a strong rebound of demand over the past six months, with more active transactions in Beijing, Tianjin, Chongqing, Wuhan and Hanghzou that posted 100-percent year-on-year jump in the rate of transactions. In Shenzhen, the figure exceeds 150 percent, according to the data.
China Vanke Co., the country’s largest property developer by market value, said its June revenue from property sales rose 57.1% from a year earlier to 6.86 billion yuan ($1 billion). In terms of property area, it reached 671,000 square meters, up 49.9 percent from the same month of last year.
Its statement provided to the Shenzhen stock exchange stated that property sales revenue for the first six months of the year rose 27.5% from a year earlier to CNY30.76 billion. Vanke sold about 3.49 million square meters of houses in the first half year, up 31.2 percent year on year, according to its statement released at the Shenzhen Stock Exchange on Saturday.
China Vanke didn’t provide year-earlier figures or give a reason for the sales results.
In 2008, the company experienced a 8.6-percent drop in its housing sales to 47.87 billion yuan resulting to a net profits decline by 16.7 percent from a year earlier.
Analysts say demand for residential properties in mainland China has rebounded noticeably since February following market-boosting measures by Beijing, including tax breaks, smaller down-payment requirements and lower loan rates for first-time buyers.
It is believed that falling housing costs last year and added financial support to personal loans are two reasons for the boost in the market.
However, China?s housing market should be alert to American-style risks.
The US, in order to stimulate its economy and accelerate the recovery of its real estate market, relaxed mortgage regulations and lowered lending thresholds for mortgages by requiring zero down payments and offering loans to families originally deemed incapable of repaying the loan.
However, as house prices continued to fall and interest rates rose, mortgage default rates significantly increased, triggering a chain of market crises. This is a lesson that must always be remembered.
Source : Konaxis
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